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PAL Finance Group, LLC

985 Amicks Ferry Rd
Chapin, SC 29036

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Is Commercial Insurance All About Liability Coverage?

Boasting solid support for the business community, South Carolina features over 430,000 small businesses that account for 99.4 percent of total businesses. Considering the thriving business environment in South Carolina, business owners can’t forget about commercial insurance. Whether your business is in Rock Hill, Greenville, or Chapin, SC, business insurance ensures that your business is protected amid the uncertain environment. 

Commercial insurance explained

While business insurance is vital, it’s still not understood by many business owners. As a matter of fact, many entrepreneurs don’t know how business insurance protects them. For others, they think commercial insurance is all about liability. Thankfully, PAL Finance Group LLC is here to explain commercial insurance if you are in a similar sea of confusion.

What is commercial insurance?

Simply put, commercial insurance is insurance that protects businesses. It covers businesses against risks like liability claims, theft, vandalism, theft, employee injuries, and numerous natural calamities. Is commercial insurance mandatory in South Carolina? Yes, some insurance coverages are required in Palmetto State. If you have more than four employees, you are required to carry workers’ comp insurance. On the other hand, if you have commercial vehicles, you must purchase commercial auto insurance.

Is commercial insurance all about liability coverage?

It’s true; businesses face various financial liabilities, making business general liability coverage one of the most common business insurance coverages. This coverage protects businesses against:

  • Bodily injury caused to others
  • Property damage to third party’s property
  • Advertising injury

While commercial insurance provides liability coverage, it’s broader than that. Other coverages provided by commercial insurance include: 

  • Workers’ comp insurance to protect employees
  • Professional liability to safeguard businesses against alleged negligence
  • Umbrella insurance to protect against significant financial claims
  • Commercial property insurance to protect business assets
  • Business income insurance to cushion against loss of income
  • Cyber liability to safeguard businesses against cyberattacks

As you can see, commercial insurance protects your business in more than one way. If your Chapin, SC business is running without commercial insurance, it’s time to buy a policy from PAL Finance Group LLC. Contact us today for an affordable quote.

Tips to Get The Right Commercial Insurance

If you have put years of hard work and all of your efforts into developing your business, you want to protect it from unforeseen circumstances. The best and smartest way to do that is to get commercial insurance. Finding the right business insurance might be a challenging task, and therefore PAL Finance Group LLC in Chapin, SC prepared a brief guide for you on how to get the right commercial insurance for your business: 

Be Aware of Risks

Before you start searching for an insurance plan, it is crucial to evaluate the risks that might affect your business. Create a list of all possible risks, including business interruption, natural disasters, and even cyber-attacks. When the list is ready, look through it and rank the risks in order of how likely and how detrimental each of the risks could be for your business.

Take Your Time

When it is time to get a policy, do not rush into making a decision, and do not settle on the cheapest policy that you have found. Take your time and shop around to find other available options. Choose at least three insurance companies and compare their policies and prices. Ask their agents as many questions as you need. 

Review Your Policy Annually 

Whichever policy you choose, make sure you review and update it at least once a year to make sure it is still applicable to your business. Remember that your commercial insurance is growing along with your business. You might need an additional area of coverage or increase the level of coverage. 

If you are a business owner from North Carolina, South Carolina, or Georgia and you are shopping for business insurance, contacting PAL Finance Group LLC in Chapin, SC is a smart decision. Our knowledgable agents understand your needs and are ready to help you to find the best coverage option for your business.